Home sales, prices on the rise here

TEXARKANA, Texas – Home sales rose 10.3% and the median price rose 11.8% in the first quarter of this year, according to the Texas Quarterly Housing Report recently released by Texas Realtors.

This is compared to the first quarter of 2020.

Sales of Metropolitan Statistical Area (MSA) homes here increased to 160 single-family home sales, while a median price of $ 167,638 during the same period.

According to the first quarter report, active listings here were down 1.8% from the first quarter of last year.

The average time a home is on the market here is 63 days, with the average closing time being 44 days for a total of 107 days.

Most of the homes here have sold in the $ 100,000 to $ 200,000 price range, with 39% falling into that category. Homes priced between $ 200,000 and $ 300,000 were the next level at 26%. Next were those that sold less than 100,000, representing 22% of the distribution.

In the first quarter, no homes with valuations above $ 750,000 were sold on the market, according to the report. Those sold in the price range of $ 400.00 to $ 500,000 accounted for 4% of sales; Those between $ 500,000 and $ 750,000 represented 2%; And those between $ 300,000 and $ 400,000 accounted for 6.4%

Statewide, the median home price in Texas jumped 13.4% to $ 274,300 in the first quarter of 2021, while home sales rose 10.1% to 84,464.

The median home selling price in Texas hit $ 274,300 in the first quarter of this year, an increase of 13.4% from the same period last year, according to the report.

“Housing demand in Texas has remained strong despite the February winter storm and pandemic,” said Marvin Jolly, president of Texas Realtors. “With a low supply of homes for sale, however, prices in most areas have increased significantly, and competition among buyers has also increased.”

One-third of homes sold were between $ 200,000 and $ 299,000, the highest percentage of any price range.

Luis Torres, Ph.D., a research economist at Texas Real Estate Research Center at Texas A&M University, said that inventory depletion is the biggest challenge for the Texas housing market, pushing prices up to record highs. high rates while demand remains strong. “

It is “one of the most competitive housing markets for home buyers since the real estate boom of 2006-07,” he said. “Rising mortgage rates in 2021 combined with recent rapid price growth will slow demand and, therefore, price growth to more sustainable levels.”

Statewide, the average total time from market entry to sale close was 87 days, down 13 days from the previous year. The supply of homes in Texas has gone from 3 months in the first quarter of 2020 to 1.3 months of inventory in the first quarter of this year.

“Many homes attract multiple bids and sell for thousands above the asking price,” Jolly said. “Price plays a key role in winning bids, of course, but other considerations can also come into play.”

(Texas Quarterly Housing Report data is provided by the Data Relevance Project, a partnership between local real estate associations and their MLSs, and Texas REALTORS, with analysis by the Texas Real Estate Research Center at Texas A&M University. The report provides quarterly real estate sales data for Texas and 25 Texas metropolitan statistical areas. To view the report in its entirety, visit texasrealestate.com. Texas REALTORS, which has over 140,000 members, is a professional organization which represents all aspects of real estate in Texas. Visit texasrealestate.com to learn more.)

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